African infrastructure company IHS Towers has raised a $2.6 billion capital fund that will go towards acquisitions and buildouts to increase its presence in the continent.
The total amount encompasses equity of $2 billion from its shareholders – both existing and new – as well as a loan facility of $600 million.
CEO and executive vice chairman of IHS Issam Darwish said: “The contribution of our investors significantly strengthens our position and the ability to move into the next phase of growth and development with confidence.”
He added that the firm will be able “to play a leading role in the creation of the widest, most efficient and reliable mobile networks in Africa”.
IHS has made numerous acquisitions in the past year that have effectively doubled the size of its tower portfolio, bringing the total to over 20,000 towers. These include 2000 from Etisalat and 9000 from MTN in Nigeria. The group is reportedly considering an acquisition of 4000 towers from Bharti Airtel in the same country.